IL&FS ex-chairman Hari Sankaran arrested by SFIO

Making the first arrest in the Infrastructure Leasing and Financial Services (IL&FS), the Serious Fraud Investigation Office (SFIO) arrested the former Chairman of IL&FS Hari Sankaran. A special Session court in Mumbai has remanded him to SFIO’s custody till Thursday. “ Shankar has been arrested in connection with the ongoing investigations in to the affairs of IL&FS and its group entities.. Hari Sankaran has been arrested on the grounds of abusing his powers in IL&FS Financial Services Ltd,” the press release by SFIO read.